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How to reduce the closing value
We are maintain the inventory and accounts system in tally erp and also maintain multiple stock items and groups. I need to reduce the closing stock value if we maintain the inventory with account system in tally
Replies (4)
Try to value your stock at FIFO or at Cost price.
thank u and try to change the stock methods what you given your suggestion.
I try to change the stock valuation method from average cost to fifo. Please suggest me which method is sufficient for valuation of stock under less value
Dear Sir
The Companies Act, 2013 requires companies to compute the depreciation in accordance with the Schedule II to the Companies Act which provides useful lives to compute the depreciation.
When we follow the method of computation of depreciation pronounced in Sch II of Companies Act under WDV method, the residual value is not matching with Scrap value fixed initially.
Small illustration has been provided below:
| Cost of the asset | 100000 | ||||||||||||||||||||||||
| Life of the asset | 5 years | ||||||||||||||||||||||||
| Date put to use | 1st July 2015 | ||||||||||||||||||||||||
| Method of Depreciation | Written Down Value method | ||||||||||||||||||||||||
| Scrap value | 500 | ||||||||||||||||||||||||
| Rate of Depreciation | 65.34% |
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Kindly explain how to deal with the difference amount of Rs.115 i.e. 615-500 With regards |
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